Nextech AR Solutions (OTCQB: NEXCF) (NEO: NTAR) (CSE: NTAR) (FSE: N29), a metaverse company and leading provider of augmented reality (“AR”) experience technologies and services, web3.0 and 3D model services, has announced plans to spin out its real-world augmented reality spatial mapping platform ARway. The company has entered into an arrangement agreement with its wholly owned subsidiary 1000259749 Ontario Inc. (Spinco) and a special purpose financing company, 1373222 B.C. Ltd. If completed, the agreement calls for Nextech to receive 16 million common shares of Spinco as well as 4 million Spinco shares directly distributed to Nextech shareholders on a pro rata basis. The agreement noted that Nextech currently anticipates transferring 3 million of the 16 million Spinco shares to service providers in consideration of past services and other indebtedness. “This spin-off transaction is quickly moving forward and will give Nextech shareholders ownership in yet another exciting public company with a spatial computing platform, which I believe is perfectly positioned for growth in the rapidly emerging Web3.0 world,” said Nextech CEO Evan Gappelberg in the press release. “Once approved, this Spinco will be another major milestone for Nextech and its valued shareholders. This transaction is anticipated to enable the realization of the true potential of ARway (formerly ARitize Maps) assets under a highly experienced and focused management team, unlocking the true value of our real-world spatial computing platform. . . . After 16 years of walking around with a smartphone in our pockets, the next generation of devices is about to emerge in the form of computer glasses. Computer glasses will become the device of choice for spatial commuting and the spatial web, which is the next evolution of our computer-driven world. I believe it will become a major focus of investors when Apple Computer releases a pair of computer glasses, which is widely anticipated and expected to happen in the next 12 months. Once fully launched ARway, spatial computing and the spatial web will have unlimited potential and use cases including healthcare, education, sports venues, hospitals, campuses, trade shows, theme parks, airports, museums, warehouse wayfinding, entertainment forever changing our world into a metaverse with spatially aware computers.”
To view the full press release, visit https://ibn.fm/IqOuH
About Nextech AR Solutions Corp.
Using breakthrough artificial intelligence (“AI”), Nextech is able to quickly, easily and affordably ARitize (transform) vast quantities and varieties of existing assets at scale making products, people and places ready for interactive 3D use, and giving creators at every level all the essential tools they need to build out their digital AR vision in the metaverse. The company’s platform-agnostic tools allow brands, educators, students, manufacturers, creators and technologists to create immersive, interactive and the most photo-realistic 3D assets and digital environments; compose AR experiences; and publish them omnichannel. With a full suite of end-to-end AR solutions in 3D commerce, education, events and industrial manufacturing, Nextech is well positioned to meet the needs of the world’s biggest brands and other metaverse contributors. Nextech funds the development of its AR and metaverse growth initiatives through its e-commerce platforms, which currently generate most of its revenue. Nextech’s e-commerce platforms include vacuumcleanermarket.com (“VCM”), infinitepetlife.com (“IPL”) and Trulyfesupplements.com (“TruLyfe”). VCM and product sales of residential vacuums, supplies and parts, and small home appliances sold on Amazon. These e-commerce platforms serve as an incubator for developing and testing Nextech’s leading-edge AR, AI and machine-learning applications for powering next-generation e-commerce technology. For more information about the company, please visit www.NextechAR.com.
NOTE TO INVESTORS: The latest news and updates relating to NEXCF are available in the company’s newsroom at https://ibn.fm/NEXCF
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